Borr Drilling (NYSE:BORR) Sets New 52-Week High After Analyst Upgrade

Borr Drilling Limited (NYSE:BORR) shares hit a new 52-week high on Wednesday after Citigroup raised their price target on the stock from $6.00 to $6.25. Citigroup currently has a neutral rating on the stock. Borr Drilling traded as high as $6.11 and last traded at $6.0750, with a volume of 8138796 shares traded. The stock had previously closed at $5.80.

Separately, Weiss Ratings reissued a “hold (c-)” rating on shares of Borr Drilling in a report on Wednesday, January 21st. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $4.33.

Institutional Trading of Borr Drilling

Institutional investors have recently bought and sold shares of the business. Invesco Ltd. increased its stake in Borr Drilling by 47.8% during the 4th quarter. Invesco Ltd. now owns 413,923 shares of the company’s stock worth $1,668,000 after acquiring an additional 133,869 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in Borr Drilling during the fourth quarter worth $49,000. CacheTech Inc. boosted its holdings in shares of Borr Drilling by 28.9% in the 4th quarter. CacheTech Inc. now owns 29,685 shares of the company’s stock valued at $120,000 after purchasing an additional 6,655 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Borr Drilling in the 4th quarter valued at $2,664,000. Finally, Tudor Investment Corp ET AL raised its holdings in shares of Borr Drilling by 34.1% during the 4th quarter. Tudor Investment Corp ET AL now owns 881,603 shares of the company’s stock worth $3,553,000 after buying an additional 224,192 shares in the last quarter. Institutional investors own 83.12% of the company’s stock.

Borr Drilling Trading Down 1.5%

The company has a current ratio of 2.19, a quick ratio of 1.63 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $1.87 billion, a P/E ratio of 34.94 and a beta of 1.11. The firm has a 50-day moving average of $4.73 and a two-hundred day moving average of $3.64.

Borr Drilling (NYSE:BORR) last released its earnings results on Wednesday, February 18th. The company reported $0.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.03. The firm had revenue of $259.40 million for the quarter, compared to analysts’ expectations of $238.65 million. Borr Drilling had a return on equity of 4.14% and a net margin of 4.41%.

About Borr Drilling

Borr Drilling is an international offshore drilling contractor providing premium jack-up drilling services to the oil and gas industry. Established in 2016 and incorporated in Bermuda with headquarters in Hamilton, the company is listed on the New York Stock Exchange under the ticker symbol BORR. Borr Drilling focuses exclusively on the ownership and operation of mobile offshore jack-up rigs, catering to exploration and production drilling projects in both mature and emerging hydrocarbon regions.

The company’s core business activities encompass the long-term contracting of high-specification jack-up rigs suitable for shallow-to-intermediate water depths.